The Ord River Resources (ASX: ORD) board have placed their confidence in Frank Zhu by appointing Zhu to the position of Chief Executive Officer.
Zhu thanked the board for the support, and in a forward thinking move has already outlined a strategy and proposed new initiatives to the board, which includes:
1. ORD raised capital in the rights issue to fund a drilling program in Suplejack Gold Project. Despite the shortfall in the raising we are committed to this program. We aim to secure a drilling contractor in early June and commence drilling in late June or early July.
2. We are currently reviewing a corporate proposal that will expand our existing gold projects in Australia and add technical expertise to the team. We will be in a position to disclose details in June.
3. In light of the challenging equity market conditions we commenced a review of the scale and objectives of the potential listing of SARCO with an aim to fast track the process to deliver value to shareholders. We are continuing to review feasibility study proposals. We expect to update our shareholders in June on both objectives.
4. We are waiting for an interested third party to conclude their due diligence on Copper Flats and make a final decision by end of May. If the party decides not to proceed with an offer for Copper Flats we will decide on Copper Flats’ future in ORD’s portfolio in June. Copper Flats currently requires circa.
$2million a year in tenement rentals, council rates and minimum expenditures as required by the state governments of WA and NT. Clearly this is not a suitable project for ORD. If removed ORD will make significant savings in outgoings.
5. We will develop a PR strategy to raise awareness in the market of ORD being an independent and growing ASX listed exploration and development company. We expect to update our shareholders on this in June.
Zhu will also remain as the Company Secretary for Ord River.
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